Based on your answer and all the caveats, the answer is no. The camera is not designed to be used as a point and shoot through live view.

Yeah, it's not. But assuming the subject isn't moving, it is possible to use LV. Rather difficult (and requires plenty of attention), but doable with the current generation of DSLRs.

To the OP: yeah, I don't recommend using LV. It requires far too much effort to get things right, even with the improved LV implementation of the newest generation of DSLRs.

That the camera is faster than previous implementations of live view does not mean that it should or can be used successfully as a point and shoot in the live view mode.

Posting that it can be would be adding further grief to the poster's situation.

Sorry if my post got taken that way.

I guess there's just no real way to use a DSLR as a point and shoot. Shallow depth of field alone forces photographers to pay attention to focus, and that removes the possibility of pointing and shooting.

But if you're willing to forgo shallow DOF and high image quality, I think there might be a way: Set the camera on auto ISO, forced flash off, f/16, and a shutter speed of 1/125s or faster. You can point and shoot without thinking, and probably get recognizable subjects even if the camera misses focus, but the shots will look exactly like ones from a compact camera. Might as well just get a real point and shoot.